v3.25.4
Investment in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Summary of Industrial Property Acquisitions
The following table summarizes our acquisition of industrial properties and land parcels for the years ended December 31, 2025, 2024 and 2023. We accounted for the properties and land parcels as asset acquisitions and capitalized transaction costs to the basis of the acquired assets. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2025, 2024 or 2023.
Year Ended December 31,
202520242023
Number of Industrial Properties Acquired4 5 4 
GLA (in millions)1.9 0.3 0.2 
Purchase Price of Industrial Properties Acquired$276,630 $44,765 $43,950 
Purchase Price of Income Producing Land Parcels Acquired (A)
10,625 — — 
Purchase Price of Land Parcels Acquired (B)
15,698 25,924 80,554 
Total Purchase Price (C)
$302,953 $70,689 $124,504 
(A) For the year ended December 31, 2025, includes $116 and $893 allocated to building and improvements and in-place leases, respectively.
(B) For the year ended December 31, 2023, includes $1,334 and $763 allocated to above market leases and in-place leases, respectively.
(C) Purchase price excludes closing costs. Additionally, for the year ended December 31, 2025, three industrial buildings were acquired from the Joint Venture. As such, the purchase price was reduced by our proportionate share of the Joint Venture's gain on sale and incentive fees totaling $40,583 See Note 5.
Summary of Acquisition Purchase Price Allocation
The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2025 and 2024:
Year Ended December 31,
20252024
Land$78,427 $42,399 
Building and Improvements/Construction in Progress197,963 24,635 
Other Assets7,603 931 
In-Place Leases19,128 3,209 
Above Market Leases— 333 
Below Market Leases(168)(818)
Total Purchase Price
$302,953 $70,689 
Summary of Industrial Property Dispositions
The following table summarizes our property and land dispositions for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
Number of Industrial Properties Sold 7 22 11 
GLA (in millions) (A)
0.3 1.2 1.0 
Gross Proceeds from the Sale of Real Estate (A)
$42,285 $162,757 $125,293 
Gain on Sale of Real Estate (A)
$26,905 $111,970 $95,650 
(A) Gross proceeds and gain on sale of real estate include the sale of one land parcel for the year ended December 31, 2025 and two land parcels for the year ended December 31, 2023.